Mohawk Industries (NYSE:MHK) Shares Gap Down – Here’s What Happened

by · The Cerbat Gem

Mohawk Industries, Inc. (NYSE:MHK – Get Free Report)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $161.25, but opened at $155.00. Mohawk Industries shares last traded at $153.65, with a volume of 130,730 shares changing hands.

Analysts Set New Price Targets

MHK has been the subject of a number of research analyst reports. Barclays raised their price target on shares of Mohawk Industries from $118.00 to $161.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. The Goldman Sachs Group raised their price target on shares of Mohawk Industries from $141.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of Mohawk Industries from $124.00 to $155.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Bank of America raised shares of Mohawk Industries from an “underperform” rating to a “buy” rating and upped their price target for the company from $120.00 to $177.00 in a report on Friday, July 26th. Finally, Loop Capital lifted their price objective on Mohawk Industries from $145.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $166.25.

Get Our Latest Research Report on Mohawk Industries

Mohawk Industries Stock Down 4.8 %

The company has a market cap of $9.81 billion, a PE ratio of -23.33, a price-to-earnings-growth ratio of 1.23 and a beta of 1.37. The business has a fifty day simple moving average of $154.48 and a two-hundred day simple moving average of $133.14. The company has a current ratio of 1.92, a quick ratio of 1.04 and a debt-to-equity ratio of 0.22.

Mohawk Industries (NYSE:MHK – Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The company reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.75 by $0.25. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.84 billion. Mohawk Industries had a negative net margin of 3.30% and a positive return on equity of 8.07%. Mohawk Industries’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.76 EPS. As a group, equities research analysts predict that Mohawk Industries, Inc. will post 10 earnings per share for the current year.

Insider Buying and Selling at Mohawk Industries

In other news, VP Rodney David Patton sold 755 shares of Mohawk Industries stock in a transaction on Monday, July 29th. The stock was sold at an average price of $162.78, for a total transaction of $122,898.90. Following the transaction, the vice president now owns 12,299 shares in the company, valued at $2,002,031.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Rodney David Patton sold 755 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $162.78, for a total value of $122,898.90. Following the transaction, the vice president now directly owns 12,299 shares in the company, valued at approximately $2,002,031.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Suzanne L. Helen sold 700 shares of Mohawk Industries stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $146.97, for a total value of $102,879.00. Following the completion of the sale, the insider now owns 121,669 shares in the company, valued at $17,881,692.93. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,415 shares of company stock worth $673,387 in the last three months. 17.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mohawk Industries

Institutional investors have recently made changes to their positions in the stock. Lecap Asset Management Ltd. acquired a new position in Mohawk Industries during the 3rd quarter worth about $1,728,000. Signaturefd LLC boosted its holdings in Mohawk Industries by 12.5% in the third quarter. Signaturefd LLC now owns 683 shares of the company’s stock valued at $110,000 after purchasing an additional 76 shares during the period. TriaGen Wealth Management LLC acquired a new position in shares of Mohawk Industries during the third quarter worth about $512,000. Friedenthal Financial acquired a new stake in shares of Mohawk Industries in the 3rd quarter valued at $784,000. Finally, Blue Trust Inc. raised its stake in Mohawk Industries by 85.6% in the third quarter. Blue Trust Inc. now owns 362 shares of the company’s stock valued at $58,000 after buying an additional 167 shares in the last quarter. 78.98% of the stock is currently owned by institutional investors and hedge funds.

Mohawk Industries Company Profile

(Get Free Report)

Mohawk Industries, Inc designs, manufactures, sources, distributes, and markets flooring products for residential and commercial remodeling, and new construction channels in the United States, Europe, Latin America, and internationally. It operates through three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.

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